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CALGARY, Alberta, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Alaris Equity Partners (“ Alaris” or the“ Trust”) today reported its financial results for the three and nine months ended September 30, 2025, highlighting continued strength across its Partner portfolio and steady cash flow generation. All amounts are in Canadian dollars unless otherwise noted.

Highlights

• Record Net Book Value: Net book value of $25.10 is a record high for Alaris, representing a 10% increase over Q3 2024 and a 6% increase from Q2 2025. The increase from Q2 2025 was driven by record high quarterly earnings of $1.90 per unit, reflecting a $0.41 per unit recovery from a strengthening U.S. dollar, offset by the declaration of a $0.34 distribution.
• Revenue & Operating Income up 8%: Total revenue and operating income increased 8% over Q3 2024, driven by a $47.9 million net unrealized gain on investments, representing a 45% increase in unrealized gains compared to Q3 2024.
• Partner Revenue Ahead of Guidance: The Trust and its Acquisition Entities earned $58.1 million in total Partner revenue, 2% above guidance, including $57.4 million in distributions and $0.7 million in third-party fees. Despite this positive variance to expectations, total Partner revenue decreased 12.3% compared to Q3 2024, primarily reflecting the variability of common distributions and the impact of an unusually high level of common distributions in Q3 2024.
• Net Distributable Cash Flow: Alaris Net Distributable Cash Flow per unit decreased 26% in Q3 and 14% year-to-date, reflecting the variability of common distributions, timing of cash tax payments and increased transaction costs, while underlying Partner cash flows remained stable.
• Active Capital Deployment: Since the end of Q2 2025, Alaris deployed an incremental $73.8 million in capital, bringing total year to date investments to $228 million across both new and existing Partners, further expanding long-term revenue commitments.
• Distribution Growth: Subsequent to quarter-end, the quarterly distribution was increased by 9% to $0.37 per unit (annualized $1.48), reflecting confidence in the durability of Partner cash flows. Proforma the increase in the distribution, Alaris' payout ratio increases from 54% to approximately 59%.
• Capital Returned to Unitholders: Alaris repurchased and cancelled 112,500 units during the quarter under its normal course issuer bid, bringing year-to-day repurchases to 465,000 at an average cost of $18.87. These repurchases which were completed below book value, added ~$0.06 per unit year to date.
• Continued Financial Discipline within Alaris' Partner Portfolio: Alaris' Partners maintained a weighted average Earnings Coverage Ratio of 1.5x with 14 of 21 Partners above 1.5x. Notably, 14 Partners carry no debt or less than 1.0x Senior Debt to EBITDA, underscoring portfolio strength and conservative balance sheets.

“Our third-quarter results highlight the continued strength and stability of our portfolio,” commented Steve King, President and CEO.“Broad-based Partner performance and active capital deployment drove solid earnings growth, fair-value gains, and an increase in net book value per share during the third quarter.

We remain focused on generating sustainable value through continued execution of our differentiated investment model, providing Alaris with a diversified and growing cashflow stream and solid long-term growth opportunities. As we look ahead, we're confident that the combination of strong Partner fundamentals, embedded portfolio growth, and our positive capital deployment outlook, positions Alaris well for continued success”, concluded Mr. King.

Results of operations

	Three months ended September 30	Nine months ended September 30
$ thousands except per unit amounts	2025		2024		% Change	2025		2024		% Change
Change in Net book value (4) per unit	$	1.53		$	0.79			$	0.88		$	1.68
Net book value (4) per unit	$	25.10		$	22.80		+10.1%	$	25.10		$	22.80		+10.1%
Total Partner distribution revenue (9)	$	57,371		$	65,396		-12.3%	$	142,114		$	145,743		-2.5%
Total revenue and operating income	$	74,946		$	69,514		+7.8%	$	145,791		$	128,323		+13.6%
Cash from / (used in) operations, prior to changes in working capital	$	16,817		$	10,791		+55.8%	$	(26,511	)	$	45,605		-158.1%
Alaris net distributable cashflow (1)	$	37,380		$	50,462		-25.9%	$	85,413		$	99,697		-14.3%
Payout Ratio (5)		41.4%			30.7%		+32.3%		54.4%			46.5%		+14.9%
Annualized distribution yield on preferred capital invested (2)		12.4%			12.9%		-50pts		12.6%			12.8%		-20pts
Total return on capital invested (10)		6.6%			7.0%		-40pts		13.3%			13.8%		-50pts
New invested capital	$	45,686		$	48,474		-5.8%	$	199,318		$	125,878		+58.3%

Net book value ⁽⁴⁾ per unit increased by 10.1% from Q3 2024. During the quarter, change in Net book value ⁽⁴⁾ per unit of $1.53 to $25.10 per unit at September 30, 2025, is reflective of $1.90 per unit in earnings and comprehensive income, partially offset by $0.34 per unit in distributions to unitholders. For the nine-month period, Net book value ⁽⁴⁾ per unit rose $0.88, driven by $2.79 per unit of earnings from operations, offset by a foreign exchange loss of $0.69 per unit and $1.02 per unit of quarterly distributions during the year. Through the NCIB, the Trust repurchased and cancelled 465,000 units during 2025; as these were completed below book value, they added approximately $0.06 per unit to overall book value

Preferred Partner distribution revenue increased for both the three- and nine-month periods ended September 30, 2025, reflecting continued strength and expansion of the portfolio. Growth was driven by new investments in Berg, PEC, and McCoy, as well as additional capital deployments to Shipyard and Cresa. These contributions more than offset the temporary impact of FMP's deferred distributions in Q2 2025.

Common dividend income fluctuates from quarter to quarter, reflecting the variability inherent in Partners' cash flow management and capital allocation decisions. In Q3 2025, Fleet distributed a US $10.3 million common dividend, which was down from US$14.7 million in Q3 2024. In Q3, 2024 Ohana paid a common distribution of $5.0 million, which was not repeated in 2025. The reduced payouts in Q3 2025, by Fleet and Ohana reflect reinvestment to support future growth and changes in capital allocation priorities. Overall, Alaris' distribution mix continues to demonstrate a healthy balance between predictable preferred income and the ability to participate in common distributions, consistent with Alaris' focus on stable cash generation with embedded growth potential.

Total revenue and operating income increased 7.8% and 13.6%, respectively, over Q3 2024, driven by a $47.9 million net unrealized gain on Partner investments-a 45.2% increase in unrealized gains compared to Q3 2024-highlighting strong partner performance across nine investments.

Cash from operations prior to changes in working capital increased 55.8% in Q3 supported by higher management and advisory fees and increased interest and dividend income from the Acquisition Entities. Year to date, cash used in operations was largely attributable to the contribution of the proceeds from the $92 million convertible debenture issuance completed during the year, to the Acquisition Entities. The funds were used for the repayment of senior debt. While the transaction reduced operating cash flow in the short term, it strengthened the portfolio balance sheet by lowering senior leverage.

Alaris net distributable cash flow ⁽¹⁾decreased by 25.9% and 14.3% for the three- and nine-month periods ended September 30, 2025, respectively, versus 2024. These decreases primarily reflect the variability of common Partner distribution revenue and the impact of an unusually high level of common distributions in Q3 2024, timing of cash tax payments and heightened transactional activity. Underlying portfolio performance remains consistent with expectations.

The annualized distribution yield on preferred capital invested ⁽²⁾ remained strong at approximately 12%, consistent with prior periods and reflective of the stability and predictability of Alaris' preferred equity structures.

Total return on invested capital ⁽¹⁰⁾, which combines realized (cash) and unrealized (non-cash) returns, was 6.6% in Q3 2025 compared to 7.0% in Q3 2024, reflecting both strong recurring cash flows and improved valuations this quarter. Year to date Total return on invested capital ⁽¹⁰⁾ of 13.3% reflects strong portfolio performance despite select partners facing industry related challenges.

The Payout Ratio ⁽⁵⁾ increased to 41.4% from 30.7% for the quarter and 54.4% year to date from 46.5%, reflecting the reduction in distributable cashflow. Both the Q3 2025 and year-to-date Payout Ratios, remain below Alaris' target range of 65% - 70%. During the year, the Trust also repurchased and cancelled 465,000 units under its NCIB at an average price of $18.87 per unit, totaling $8.9 million. Including these repurchases, the Payout Ratio ⁽⁵⁾ on a cash-disbursement basis was 61%. Alaris generated free cash flow after distributions of $21.9 million in the quarter and $38.9 million year to date, maintaining flexibility for debt repayment and reinvestment.

Portfolio fundamentals remain strong, with a weighted average Partner coverage ratio of 1.5x. During the quarter, Alaris deployed $45.7 million of new capital. For the nine-months ended September 30, 2025 Alaris invested $199.3 million, demonstrating continued activity across both new and existing investments.

Outlook

Looking ahead, total Partner revenue for Q4 2025 is expected to be approximately $43.5 million, consistent with normal seasonal patterns in distribution timing and the pacing of investment activity. Actual results may vary with common distribution timing.

During Q3 2025, Alaris invested US$32.2 million, comprising a US$27.0 million initial investment in McCoy and a US$5.2 million follow-on investment in Carey. Subsequent to the quarter end, Alaris deployed an additional US$20.5 million in Cresa, bringing total year-to-date capital invested to approximately $228 million. These new investments are fully reflected in the Run Rate Revenue ⁽⁶⁾ estimate for the next twelve months of approximately $184 million, which includes an estimated $13.5 million of common Distributions, based on current contracts and assumptions as at the date of this release.

The Run Rate Cash Flow ⁽⁷⁾ table below outlines the Trust and its Acquisition Entities' combined expectations for the next twelve months. This forward-looking supplementary financial measure illustrates net cash from operating activities, less the distributions paid, providing a view of expected cash generation capacity over the period. The Trust's method of calculating this measure may differ from the methods used by other issuers.

Run rate general and administrative expenses are currently estimated at $19.5 million inclusive of all public company costs incurred by the Trust and its Acquisition Entities. Distributions paid reflect a 9% increase to $1.48 from $1.34 in the prior quarter's outlook. Based on current revenue and expense assumptions, the Run Rate Payout Ratio ⁽⁸⁾ is expected to range between 65% and 70%, reflecting Alaris' balanced approach to sustaining distributions while supporting reinvestment within its existing capital structure.

The Run Rate Payout Ratio ⁽⁸⁾ does not include potential new investments. Alaris expects to maintain net positive capital deployment, supported by continued demand for its flexible capital solutions within the private markets. The table below also sets out the after-tax impact of positive net investments, the impact of every 1% increase in Secure Overnight Financing Rate (“SOFR”) based on current outstanding USD debt and the impact of every $0.01 change in the USD/CAD exchange rate.

Run Rate Cash Flow ($ thousands except per unit)		Amount ($)	$ / Unit
Run Rate Revenue, Partner Distribution revenue		$	184,000		$	4.06
General and administrative expenses			(19,500	)		(0.43	)
Third party Interest and taxes			(65,400	)		(1.44	)
Net cash from operating activities		$	99,100		$	2.19
Distributions paid		(67,100	)		(1.48	)
Run Rate Cash Flow	$	32,000		$	0.71
Other considerations (after taxes and interest):
New investments	Every $50 million deployed @ 14%		+2,588			+0.06
Interest rates	Every 1.0% increase in SOFR		-3,200			-0.07
USD to CAD	Every $0.01 change of USD to CAD	+/- 900		+/- 0.02

Alaris' financial statements and MD&A are available on SEDAR+ at and on our website at .

Earnings Release Date and Conference Call Details

Alaris management will host a conference call at 9am MT (11am ET), Thursday, November 6, 2025 to discuss the financial results and outlook for the Trust.

Participants must register for the call using this link: Q3 2025 Conference Call. Pre-register to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call). Participants can access the webcast here: Q3 Webcast. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Participants can also find the link on our website, stored under the“Investors” section –“Presentations and Events”, at .

An updated corporate presentation will be posted to the Trust's website within 24 hours at .

About the Trust:

Alaris' investment and investing activity refers to providing, through the Acquisition Entities, structured equity to private companies (“ Partners”) to meet their business and capital objectives, which includes management buyouts, dividend recapitalization, growth and acquisitions. Alaris achieves this by investing its unitholder capital, as well as debt, through the Acquisition Entities, in exchange for distributions, dividends or interest (collectively,“ Distributions”) as well as capital appreciation on both preferred and common equity. The principal objective is to generate predictable cash flows for distribution payments to its unitholders while growing net book value through returns from capital appreciation. Distributions, other than common equity Distributions, from the Partners are adjusted annually based on the percentage change of a“top-line” financial performance measure such as gross margin or same store sales and rank in priority to common equity position.

Non-GAAP and Other Financial Measures

The terms Net distributable cash flow, Net book value, Earnings Coverage Ratio, Run Rate Payout Ratio, Annualized distribution yield on preferred capital invested and total capital invested, Payout Ratio, Run Rate Revenue, Run Rate Cash Flow, and Per Unit amounts (collectively, the“ Non-GAAP and Other Financial Measures”) are financial measures used in this release that are not standard measures under International Financial Reporting Standards (“ IFRS”). The Trust's method of calculating the Non-GAAP and Other Financial Measures may differ from the methods used by other issuers. Therefore, the Trust's Non-GAAP and Other Financial Measures may not be comparable to similar measures presented by other issuers.

The following terms should only be used in conjunction with the Trust's unaudited interim condensed consolidated financial statements, complete versions of which available on SEDAR+ at .

(1)“ Alaris net distributable cashflo w”

A non-GAAP financial measure management uses which represents total external revenue generated by both the Trust and the Acquisition Entities, less:

• general and administrative expenses,
• third-party interest expense, and
• cash taxes paid (or received).

This metric aligns most closely with Cash from (used in) operations, prior to changes in working-capital, but includes the net cash flow of the Acquisition Entities. Investors use this measure to provide a comprehensive view of cash available for distributions, debt repayment, or reinvestment.

Change effective June 30 2025: Alaris refined this calculation by removing the adjustment for working-capital changes and replacing tax expense with cash taxes paid, to better reflect actual cash available for distribution and to better align the reconciliation to the most comparable GAAP measure. Prior periods have been restated accordingly.

	Three months ended September 30	Nine months ended September 30
$ thousands except per unit amounts	2025		2024		% Change	2025		2024		% Change
Cash from / (used in) operations, prior to changes in working capital	$	16,817		$	10,791		+55.8	%	$	(26,511	)	$	45,605		-158.1	%
Add back: Net repayment of loans receivable from Acquisition Entities		-			-				-			(291,934	)
Add back: Net investment in Acquisition Entities		(1,335	)		(6,626	)			72,356			267,863
Changes in working capital, Income tax payable and receivable		879			502				(1,403	)		1,332
Cash interest paid		(2,028	)		(2,032	)			(4,062	)		(4,062	)
Distributable cashflow included in Net gain on Corporate investments:
Partner Distribution revenue - Preferred		40,664			37,895				120,792			113,936
Partner Distribution revenue - Common		16,707			27,501				21,322			31,807
Operating costs and other		(1,361	)		(1,087	)			(2,876	)		(2,846	)
Transactions costs		(2,495	)		(378	)			(6,512	)		(2,531	)
Finance costs, senior credit facility and convertible debentures		(7,724	)		(6,962	)			(22,032	)		(22,193	)
Acquisition Entities cash taxes paid		(3,215	)		(888	)			(8,397	)		(3,363	)
Management and advisory fees paid to Trust		(4,956	)		(4,535	)			(14,351	)		(12,743	)
Interest on intercompany loans		(3,104	)		(2,838	)			(9,348	)		(20,307	)
Acquisition Entities dividends paid to Trust		(11,545	)		(881	)			(33,119	)		(1,388	)
Realized gain / (loss) on foreign exchange contracts		76			-				(446	)		521
Alaris net distributable cashflow	$	37,380		$	50,462		-25.9	%	$	85,413		$	99,697		-14.3	%
Alaris net distributable cashflow per unit	$	0.82		$	1.11		-26.1	%	$	1.88		$	2.19		-14.2	%

(2)“ Annualized distribution yield on preferred capital invested”

A supplementary financial measure calculated by dividing Partner distribution revenue - preferred annualized for the period by the weighted average total capital invested during the period. Management uses this measure to monitor preferred investment distributions over time relative to the current investment base, making it a useful tool for investors to track the cash yield of preferred Partner investments.

(3)“ Earnings Coverage Ratio (“ECR”)

A supplementary financial measure calculated as each Partner's EBITDA divided by the sum of its debt servicing (interest and principal), unfunded capital expenditures, and distributions to Alaris. ECR assesses a Partner's ongoing ability to meet its contractual obligations to Alaris. non-GAAP financial ratio and refers to Trust total cash distributions paid during the period (annually or quarterly) divided by the Alaris net distributable cash flow for the period. Management monitors ECR to assess a Partner's ongoing ability to meet its contractual obligations to Alaris. ECR is a useful metric for investors as it provides an indication of a Partner's financial heath and sustainability.

(4) “ Net book value” and“ net book value per unit”

A supplementary financial measure equal to total assets minus total liabilities (equity value of the Trust). The per-unit figure divides that amount by the weighted-average basic units outstanding. These metrics measure growth in equity value, net of distributions, and enable period-over-period comparison of value creation. Investors finds this metric useful because it provides a clear indication of the underlying value of the Trust attributable to unitholders and the period over period value generated.

	30-Sep		30-Jun		31-Dec		30-Sep
$ thousands except per unit amounts	2025		2025		2024		2024
Total Assets	$	1,323,906		$	1,251,338		$	1,199,683		$	1,130,415
Total Liabilities	$	182,719		$	178,515		$	97,721		$	93,236
Net book value	$	1,141,187		$	1,072,823		$	1,101,962		$	1,037,179
Weighted average basic units (000's)		45,470			45,513			45,503			45,498
Net book value per unit	$	25.10		$	23.57		$	24.22		$	22.80

(5)“ Payout Ratio”

A non-GAAP financial ratio used by management which represents total cash distributions paid to unitholders during the period, divided by Alaris net distributable cash flow for the same period. This metric is useful to investors as it reflects the proportion of available cash used to pay distributions and indicates the capacity for reinvestment or debt repayment.

(6)“ Run Rate Revenue”

A forward-looking supplementary financial measure estimating expected revenue over the next twelve months based on current Partner contracts and known management or transaction fees, excluding potential Partner redemptions. It may include estimated common dividends or distributions based on historical practice. Run Rate Revenue provides investors with an indication of forward annualized revenue potential. Forward-looking non-GAAP measures reflect management's current expectations and are subject to the risks and assumptions described under Forward Looking Statements.

(7)“ Run Rate Cash Flow”

A forward-looking supplementary financial measure that outlines the net cash from operating activities, net of distributions paid, that Alaris is expecting to have after the next twelve months. This measure is comparable to net cash from / (used in) operating activities less distributions paid, as outlined in Alaris' consolidated statements of cash flows. Investors find this measure useful because it provides insight into the expected cash available for reinvestment, debt repayment, or other corporate purposes after distributions. Forward-looking non-GAAP measures reflect management's current expectations and are subject to the risks and assumptions described under Forward Looking Statements.

(8)“ Run Rate Payout Ratio”

A forward looking supplementary financial measure that refers to Alaris' distributions per unit expected to be paid over the next twelve months divided by the net cash from operating activities per unit calculated in the Run Rate Cash Flow table. Run Rate Payout Ratio is a useful metric for management to track and to outline as it provides investors a summary of the percentage of the net cash from operating activities that can be used to either repay senior debt during the next twelve months and/or be used for additional investment purposes. Forward-looking non-GAAP measures reflect management's current expectations and are subject to the risks and assumptions described under Forward Looking Statements.

(9)“ Total Partner Distribution Revenue”

A supplementary financial measure summing Partner distribution revenue – preferred and Partner distribution revenue – common, which are components of Net gain on Corporate Investments as disclosed in note 3 of the accompanying financial statements. Management believes this measure provides useful information for investors on the total cash yield from Partner distributions during the period.

(10) “Total Partner related changes included in Net gain on Corporate Investments” and“Total return on capital invested (TRIC) ”

A non-GAAP financial measure aggregating the total Net gain (loss) on Corporate Investments attributable to Partner activity detailed in note 3 of the accompanying financial statements. It includes:

• Net unrealized gain (loss) on Partner investments
• Net realized gain on Partner investments
• Partner distribution revenue (preferred and common)

This measure is useful to investors as it isolates change in Corporate Investments driven by partner performance and aligns closely with“Net gain on Corporate Investments” under IFRS.

Change effective June 30 2025: The measure was renamed from Total Partner-Related Changes to Total Partner-Related Changes Included in Net Gain on Corporate Investments for clarity.

TRIC is a non-GAAP financial ratio calculated by Total Partner related changes included in Net gain on Corporate Investments divided by the weighted average total capital invested during the period. This measure calculates the periods total return from Partners relative to the investment base, which includes the fair value changes in addition to cash yields. TRIC is a useful metric for investors as it provides a comprehensive view of the overall performance and effectiveness of Partner investments, capturing both realized and unrealized returns as well as cash distributions.

	Three months ended September 30		Nine months ended September 30
	2025	2024	% Change		2025	2024	% Change
Total Partner related changes included in Net gain on Corporate Investments
Partner distribution revenue - preferred	$	40,664	$	37,895	7.3	%		$	120,792	$	113,936	6.0	%
Partner distribution revenue - common		16,707		27,501	-39.2	%			21,322		31,807	-33.0	%
Net unrealized gain / (loss) on Partner investments		47,917		33,006	45.2	%			63,458		32,463	95.5	%
Net realized gain on Partner investments		-		29	-100.0	%			1,099		9,005	-87.8	%
Total	$	105,288	$	98,431	7.0	%		$	206,671	$	187,211	10.4	%

(8)“ Per Unit” values, other than earnings per unit, refer to the related financial statement caption as defined under IFRS or related term as defined herein, divided by the weighted average basic units outstanding for the period.

Forward-Looking Statements

This news release contains forward-looking information and forward-looking statements (collectively,“forward-looking statements”) under applicable securities laws, including any applicable“safe harbor” provisions. Statements other than statements of historical fact contained in this news release are forward‐looking statements, including, without limitation, management's expectations, intentions and beliefs concerning the growth, results of operations, performance of the Trust and the Partners, the future financial position or results of the Trust, business strategy and plans and objectives of or involving the Trust or the Partners. Many of these statements can be identified by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof. In particular, this news release contains forward‐looking statements regarding: the anticipated financial and operating performance of the Partners; the attractiveness of Alaris' capital offering; the Trust's Run Rate Payout Ratio, Run Rate Cash Flow, Run Rate Revenue and Run Rate Payout Ratio; the impact of recent new investments and follow-on investments; expectations regarding receipt (and amount of) any common equity Distributions or dividends from Partners in which Alaris holds common equity, including the impact on the Trust's net cash from operating activities, the amount and impact of future deployment; the Trust's ability to deploy capital; expected gains on common equity and future exits; the yield on the Trust's investments and expected resets on Distributions; changes in interest rates, including SOFR and exchange rates; the impact of deferred Distributions and the timing of repayment there of; the Trust's return on its investments; and Alaris' expenses for the next twelve months. To the extent any forward-looking statements herein constitute a financial outlook or future oriented financial information (collectively,“ FOFI”), including estimates regarding revenues, Distributions from Partners (restarting full or partial Distributions and common equity distributions), Run Rate Payout Ratio, Run Rate Cash Flow, net cash from operating activities, expenses and impact of capital deployment, they were approved by management as of the date hereof and have been included to provide an understanding with respect to Alaris' financial performance and are subject to the same risks and assumptions disclosed herein. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will occur.

By their nature, forward-looking statements require Alaris to make assumptions and are subject to inherent risks and uncertainties. Assumptions about the performance of the Canadian and U.S. economies over the next 24 months and how that will affect Alaris' business and that of its Partners (including, without limitation, the impact of any global health crisis, like COVID-19, and global economic and political factors) are material factors considered by Alaris management when setting the outlook for Alaris. Key assumptions include, but are not limited to, assumptions that: the Russia/Ukraine conflict, conflicts in the Middle East, and other global economic pressures over the next twelve months will not materially impact Alaris, its Partners or the global economy; interest rates will not rise in a matter materially different from the prevailing market expectation over the next 12 months; global heath crises, like COVID-19 or variants thereof, will not impact the economy or our Partners operations in a material way in the next 12 months; the businesses of the majority of our Partners will continue to grow; more private companies will require access to alternative sources of capital; the businesses of new Partners and those of existing Partners will perform in line with Alaris' expectations and diligence; and that Alaris will have the ability to raise required equity and/or debt financing on acceptable terms. Management of Alaris has also assumed that the Canadian and U.S. dollar trading pair will remain in a range of approximately plus or minus 15% of the current rate over the next 6 months. In determining expectations for economic growth, management of Alaris primarily considers historical economic data provided by the Canadian and U.S. governments and their agencies as well as prevailing economic conditions at the time of such determinations.

There can be no assurance that the assumptions, plans, intentions or expectations upon which these forward‐looking statements are based will occur. Forward‐looking statements are subject to risks, uncertainties and assumptions and should not be read as guarantees or assurances of future performance. The actual results of the Trust and the Partners could materially differ from those anticipated in the forward‐looking statements contained herein as a result of certain risk factors, including, but not limited to, the following: impact of widespread health crises is, like COVID-19 (or its variants), other global economic factors (including, without limitation, the Russia/Ukraine conflict, conflicts in the Middle East, inflationary measures and global supply chain disruptions on the global economy, tariffs and internal trade disputes on the Trust and the Partners (including how many Partners will experience a slowdown of their business and the length of time of such slowdown)); the dependence of Alaris on the Partners, including any new investment structures; leverage and restrictive covenants under credit facilities; reliance on key personnel; failure to complete or realize the anticipated benefit of Alaris' financing arrangements with the Partners; a failure to obtain required regulatory approvals on a timely basis or at all; changes in legislation and regulations and the interpretations thereof; risks relating to the Partners and their businesses, including, without limitation, a material change in the operations of a Partner or the industries they operate in; inability to close additional Partner contributions or collect proceeds from any redemptions in a timely fashion on anticipated terms, or at all; a failure to settle outstanding litigation on expected terms, or at all; a change in the ability of the Partners to continue to pay Alaris at expected Distribution levels or restart distributions (in full or in part); a failure to collect material deferred Distributions; a change in the unaudited information provided to the Trust; a negative impact on the Trust or Partners with risk to cybersecurity and or implementation of artificial intelligence; and a failure to realize the benefits of any concessions or relief measures provided by Alaris to any Partner or to successfully execute an exit strategy for a Partner where desired. Additional risks that may cause actual results to vary from those indicated are discussed under the heading“Risk Factors” and“Forward Looking Statements” in Alaris' Management Discussion and Analysis and Annual Information Form for the year ended December 31, 2024, which is or will be (in the case of the AIF) filed under Alaris' profile at and on its website at .

Readers are cautioned that the assumptions used in the preparation of forward-looking statements, including FOFI, although considered reasonable at the time of preparation, based on information in Alaris' possession as of the date hereof, may prove to be imprecise. In addition, there are a number of factors that could cause Alaris' actual results, performance or achievement to differ materially from those expressed in, or implied by, forward looking statements and FOFI, or if any of them do so occur, what benefits the Trust will derive therefrom. As such, undue reliance should not be placed on any forward-looking statements, including FOFI.

The Trust has included the forward-looking statements and FOFI in order to provide readers with a more complete perspective on Alaris' future operations and such information may not be appropriate for other purposes. The forward-looking statements, including FOFI, contained herein are expressly qualified in their entirety by this cautionary statement. Alaris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For more information please contact:

Investor Relations
Alaris Equity Partners Income Trust

403-260-1457
...

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